For the fourth quarter Gap’s sales were up one per cent. However, Gap brand comparable sales fell five per cent with Banana Republic sales flat and the company’s activewear brand Athleta lifting two per cent for the quarter.
Meanwhile Katrina O’Connell, Chief Financial Officer of Old Navy, was named the company’s new chief financial officer, succeeding Teri List-Stoll, who has served in the role since January 2017. Mark Breitbard has been chosen to lead the company’s specialty brands segment as well as Gap’s Asia business and its franchise category. With Syngal recently promoted to CEO of Gap, Nancy Green will now lead the Old Navy brand, replacing Syngal in the interim. Syngal is expected to deliver value from the portfolio of brands over the long term. The India-born Syngal moved to Canada and later to the US with her family when she was a child.
Gap is currently the largest specialty retailer in the United States, with 1,35,000 employees and 3,727 stores worldwide, including 2400 in the US. The company’s management structure will be slimmed down in order to speed up decision making as well as a refreshed senior compensation plan, based around performance and accountability. Gap owns brands like Old Navy, Banana Republic, Athleta, and Hill City.